JP/13/Tunas

JP/13/Tunas

Jardine C&C buys 33.7% stake in Tunas Ridean

Dow Jones
Singapore

Singapore's Jardine Cycle & Carriage Ltd. said on Friday that
it has bought a 33.7 percent stake in Indonesia's PT Tunas Ridean
for US$19.8 million.

Tunas Ridean is a Jakarta-listed company that sells new and
used automobiles and motorcycles in Indonesia.

The stake price represents approximately 3.4 percent of the
audited consolidated net tangible assets of Jardine Cycle &
Carriage of S$1 billion (US$591 million) as at Dec. 31, 2002, the
Singapore company said in a stock exchange announcement.

Jardine Cycle & Carriage, which sells Mercedes-Benz, Kia
Motors and Mitsubishi cars in Singapore, already owns a 38
percent stake in Indonesia's largest-listed auto company PT Astra
International.

"The acquisition provides JC&C with the opportunity to
strengthen its presence in the Indonesian automobile industry,"
the Singapore company said in the statement.

Jardine Cycle & Carriage has been actively raising its profile
in Indonesia since its initial purchase of a stake in Astra four
years ago.

The Indonesian company now contributes about 80 cents of every
dollar Jardine Cycle & Carriage earns.

The Jardine Strategic Holdings-majority owned company said it
would fund the stake purchase through internal resources and bank
borrowings.